C&M Software, a service provider for Brazil’s Central Bank, was hacked, resulting in the theft of 800 million Brazilian reais (approximately $140 million) from six financial institutions. The breach occurred after a C&M employee sold login credentials to hackers for about $2,700, allowing access to the system managing reserve funds. Onchain detective ZachXBT revealed that the hackers converted $30 million to $40 million of the stolen funds into cryptocurrency including Bitcoin, Ether, and USDt, laundering them through exchanges and OTC trading platforms. This incident underscores increased cybersecurity risks facing centralized systems, where single points of failure can lead to severe financial losses. Eran Barak, CEO of Shielded Technologies, commented on the vulnerabilities of centralized digital systems, emphasizing that decentralized technologies like zero-knowledge proofs could make hacking less appealing by forcing criminals to target individual accounts rather than large databases.

Source 🔗